MillerCoors Q1 Underlying Net Income Rises 22.2%

(RTTNews) - SABMiller plc (SAB.L, SABMRY.PK) and Molson Coors Brewing Company (TAP, TPX.TO) reported that MillerCoors first quarter underlying net income grew 22.2 percent to $372.1 million from the same period in the prior year. This income growth was driven by lower cost of goods sold, higher net pricing, positive sales mix and timing of shipments. For the fourth consecutive quarter, Coors Light and Miller Lite each gained share of the Premium Light segment.

MillerCoors's Total net sales increased 2.3 percent to $1.816 billion. Domestic net revenue per barrel grew 1.5 percent for the quarter as a result of favorable net pricing and positive sales mix. Total company net revenue per barrel, including contract brewing and company-owned distributor sales, increased 1.3 percent for the quarter. Third-party contract brewing volumes were down 1.3 percent for the quarter.